Problem $9\mathrm{.}16($Nonconstant Growth$)$

Carnes Cosmetics Co$.\text{'}$s stock price is $$57,$ and it recently paid a $$2\mathrm{.}25$ dividend. This dividend is expected to grow by $21\%$ for the next $3$ years, then grow

forever at a constant rate, $g$; and $r_s=13\%.$ At what constant rate is the stock expected to grow after Year $3?$ Do not round intermediate calculations. Round your

answer to two decimal places.

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